Refer to the tables. If South Cantina is producing at production alternative D, the opportunity cost of the third unit of capital goods will be:
Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina:
A. 3 units of consumer goods.
B. 4 units of consumer goods.
C. 5 units of consumer goods.
D. 6 units of consumer goods.
D. 6 units of consumer goods.
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Which of the following will happen if consumption in an economy falls?
A) Firms' revenue fall. B) Labor supply falls. C) Mortgage defaults fall. D) Asset prices rise.
The area above the market supply curve and below the market price
A) is equal to the total cost of production. B) is equal to the total amount of producer surplus in a market. C) is equal to the total amount of economic surplus in a market. D) is equal to the marginal cost of the last unit produced.
Jim is haggling with a car dealer over the sale price of a used car. When he entered the store he was the only customer. This means that
a. Jim has a better chance of having his offer accepted, since the seller does not have any outside offers b. Jim has lower chances of having his offer accepted, since the seller has more outside offers c. The disagreement value for the seller has increased d. Only A&C
A majority of the commercial banks in the United States are not members of the Fed
a. True b. False Indicate whether the statement is true or false